If you have racked up credit card debt that you're having a difficult time paying off, you're certainly not alone. According to some statistics, the average household in the United States has $8,377 in credit card debt. If you were to add up the entire country's credit card debt, it would be over $1 trillion. This certainly isn't good news for the American economy and if you want to do your part to help the country and yourself out of debt, there are some things you can do.
Here are three ways to get rid of credit card debt:
Stop Using Your Credit Cards
One of the most effective things you can do when trying to get rid of credit card debt is to stop using them altogether. Also, if all your credit cards are maxed out, don't go out and get another one. It's also important that while you're no longer using your credit cards, to continue making monthly payments. You'll want to pay off the minimum balance, but when you pay more than the minimum balance, you can pay them off more quickly.
Get a Consumer Loan
Consumer loans are another way to get rid of credit card debt. This is especially effective if you have a high-interest rate on your credit cards and you can get a loan that has a lower interest rate. If you have more than one credit card, you can also consolidate all your credit card debt into one loan, which can help make it easier to pay every month. Instead of paying 3 or 4 separate bills, you'll only have to pay one.
Get a Lower Interest Rate
If your interest rates are extremely high, you can ask your credit card company for a lower interest rate. In a recent survey, 78% of people who asked for a lower interest rate received it. You will improve your chances of getting a decreased rate if you've been a good customer and you make your payments on time.
When you're asking for a lower rate, you'll want to ensure you are friendly and ask them for a number that you'd like to get it reduced to. For example, if your interest rate is 18%, ask if you can get it lowered to 10%. If you have been a good customer and they don't want to lower your credit rate, you may want to consider canceling that credit card.